Falcon Energy announces incorporation of Indonesian subsidiary
Thursday, April 26 2012 - 12:57 AM WIB
Singapore-listed marine and oil, gas services firm Falcon Energy Group Ltd announced on Thursday the incorporation of the following subsidiary in Indonesia.
The name of the subsidiary is PT Bayu Maritim Group, which has issued and paid up share capital of Rp 9,070,000,000.
FEG Offshore Pte Ltd, a wholly owned unit of Falcon Energy has a 90 percent stake in the subsidiary, whose principal activities is investment holding. The remaining 10% interest is held by Mr Adi Agung Tirtamarta.
The incorporation of PT. Bayu Maritim Group was funded by internal funds, Falcon said.
The incorporation of PT. Bayu Maritim Group is not expected to have any material impact on the earnings per share or the net tangible assets of the Group for financial year ending 31 December 2012.
None of the directors or the controlling shareholder of Falcon Energy has any interest, direct or indirect, in the above transactions.
Editing by Reiner Simanjuntak